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Gymboree Play & Music history
Gymboree Play & Music company history timeline
Recognizing the commercial potential of her idea, Barnes left her job with the Jewish Community Center and opened her first commercial children's workout center in 1976.
Gymboree's story began in 1976 when Joan Barnes, a mother from Marin County, California, tried to find a safe, fun place featuring age-appropriate activities for parents and young children to play together.
Expansion began in earnest in 1979 when the first franchises were awarded.
By 1984, 125 Gymboree franchises were operating in 20 states and were bringing in more than $1 million in revenue annually.
In 1984 Gymboree ventured into the global market, overseeing the start up of foreign franchises.
By 1985 Barnes's net worth had sailed past $1 million.
The first Gymboree store, opened in 1986, was a success.
Backed by United States Venture Partners, the same group that had financed the play centers, the company received an additional $300,000 in 1986 to enter the retail arena.
By 1987, in fact, the Gymboree chain had grown to include more than 350 centers throughout the United States and in ten foreign countries.
With financial backing from Venture Partners, Barnes opened an additional 15 stores by the end of 1987.
In 1989 United States Venture Partners brought in Don Cohn to serve as chairman and chief executive of Gymboree.
Pedot had been hired by Gymboree in 1989 to serve as a general merchandise manager.
By 1989 there were 32 retail stores operating, but they were not performing up to investor expectations, and the company brought in outside help.
In 1990, in the midst of this period of revenues growth and expansion, Joan Barnes left the company she had founded nearly fifteen years earlier.
On March 31, 1993, the stock made its debut on the NASDAQ Stock Exchange.
By 1993 the number of retail stores had grown from 32 to 170.
In January 1994 Pedot made the decision to halt expansion and discontinue openings of any new play centers until the financial profile of this sector improved.
rieger, nancy. "enter the public domain; ipos raise capital for kids' firms willing to be tested by wall st.'s quarterly exams." children's business, december 1994.
By late 1994 the Gymboree chain had grown to more than 200 stores throughout the United States.
Gymboree continued to expand during 1995, adding more than 50 new outlets to its chain.
In 1995 the company experienced its first setback.
In 1996 Gymboree launched its first mail order catalog.
In 1997 Nancy Pedot was replaced as CEO and president by Gary White, who had been the former COO. Shortly thereafter, James P. Curley stepped down as senior vice-president and CFO. Curley had also served on the board of directors.
New sales figures in March showed a significant increase, with sales up 20 percent from the prior quarter. It had become apparent to management that some restructuring of the company was in order and in January 1998, with a new year underway and some lagging holiday sales, Gymboree added four top management positions.
1998: Company adds four new senior management positions; new distribution center opens in Dixon, California.
In February 1999 the company hired Melanie Cox, who had a marketing background, as president.
1999: Lisa Harper is named head of design.
Pedot left the company, and Gary White assumed the role of CEO. In 1999 Gymboree launched a second chain of retail clothing stores, Zutopia, targeted at older children.
By the year 2000, the company had lost its focus and sales began to falter.
In early 2000 Lisa Harper joined the struggling firm as a general merchandiser.
Sales began to rise by November 2001.
2001: Gymboree sells Zutopia.
The improved financial performance of Gymboree in 2001 caught the attention of Wall Street analysts.
2002: Lisa Harper is made chairman.
Gymboree earned a profit in the first quarter of 2002 after struggling with two years of losses.
Harper continued to make improvements in operations and was named CEO in 2002.
A nation-wide store renovation plan was launched with a scheduled completion date of 2002.
2003: Corporate offices shift to San Francisco.
Thomson Financial/First Call forecasts that profits will triple in the year 2003.
Gymboree took a departure from its kidware and considered catering to the mother instead in 2004 when it launched its Janeville concept stores.
2004: Gymboree opens Janeville stores.
Mote, Dave; Culligan, Susan "Gymboree Corporation ." International Directory of Company Histories. . Retrieved June 22, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/gymboree-corporation
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Gymboree Play & Music competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Music Together | 1987 | $8.5M | 270 | - |
| Leaders of Tomorrow Youth Center | 2003 | $540,000 | 5 | 23 |
| JINSA - Jewish Institute for National Security of America | 1976 | $1.6M | 30 | - |
| BBA Water Consultants | 1980 | $1.7M | 30 | - |
| Charleston School of Law | 2003 | $3.4M | 100 | 3 |
| North Star Academy | 2005 | $800,000 | 50 | 39 |
| Birmingham School of Law | 1915 | $4.8M | 26 | - |
| KISRA | 1993 | $4.7M | 52 | - |
| GLEAMNS | 1966 | $850,000 | 15 | - |
| Family Connection Of Easton, Inc. | - | $1.0M | 5 | 24 |
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